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Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them.
No. They accept USD. Their payment processor accepts BTC. They do not. They do not exchange it into USD Their payment processor does. They do not. They never touch BTC . Not at all. How many times & in how many different phrasings must it be said to be understood? Why are such simple things so difficult for some here to grasp?  they don't accept YEN, CAD, CNY neither do they? Edit: I don't mean to focus on your flawed perspective so I will let up. In Japan they accept Yen. In Canada they accept CAD, in China they accept CNY. Just how clueless r u bro? Shit dude, how long are we going to be nitpicking over the fact that you pay for stuff from these companies using bitcoin, even if those bitcoins get converted to fiat. |
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When you said "purchase everyday things," I didn't realize you meant meth and child porn. I stand corrected  As far as less shady stuff? Those merchants accept dollars, not BTC. That's why the BTC price is calculated for you at the moment of purchase from the real price. I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day! When was the last time you bought milk, butter or gas with bitcoin? And I don't mean through a payment processor. I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ? Pretty weak comeback NLC, I expect higher quality trolling from you. Because you're using dollar or pound or euro to buy things. That's why those things are priced in dollar or euro or pound, and BTC price is calculated at the exact moment you initiate the transaction. If you enjoy the game of buying BTC with your money (paying a fee for the privilege), handing that BTC to a payment processor (which also profits from the deal because not charity), which, in turn, converts BTC to real money & pays the merchant you transact with, so that you can risk your money yet again on some shady exchange while BTC price pogoes around like it does ...breathe... you be my guest, but don't expect me to take your game seriously No, I am using bitcoin to buy stuff that has a fixed price in fiat. Of course the exchange fees don't make this a consumer friendly option yet for most use cases. At the moment bitcoin enthusiasts are sponsoring exchanges and payment processors in order to make orders with bitcoin. But we are still in the bootstrapping phase, not at an end equilibrium. If I would be able to use my bitcoins almost anywhere, it removes an argument for not holding bitcoins ("can't spend them anywhere") and use cases where it might be desirable will start popping up. eg. going abroad and not having to exchange your fiat currencies. The current volatility would still stop most people from doing that, but if the fees for acquiring bitcoins are lower than fees for converting fiat money, the expected value is positive. |
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Very interesting article Interesting link indeed. Always nice to have some numbers to put things in perspective. |
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-The fact that nobody is really interested in buying bitcoin to mainly use it as a currency aside from illicit goods, but more as a wild musical chairs speculation instrument.
-the fact that merchants "accepting bitcoin" just create more selling pressure. Spending bitcoin = dumping bitcoin.
Your first argument is a feeble attempt to push fallacy as fact. Bitpay one of a few service providers says otherwise. http://blog.bitpay.com/2015/02/04/bitcoin-and-bitpay-in-2014.htmlThat infographic is a masterpiece of misinformation. Casual readers will think that the "23 billion USD (57% increase)" is usage for e-payments, but it is either the blockchain traffic or the trading volume at the exchanges. BitPay has not released any meaningful numbers about the usage for e-payments through them. Analysis of what seems to be their incoming wallet shows about 1000-2000 BTC per day, constant since mid 2013 at least, which may be miners paying their bills. Excluding that component, BitPay's traffic seems to be a few hundred BTC per day, which would be perhaps 50 million (not billion) USD in 2014. So, their unwillingness to post actual numbers is not surprising. Also, needless to say, all of the companies that they list as "accepting bitcoin" infact do not accept bitcoins, only dollars. Wow, so you mean that the part that says " bitcoin trading volume" might be about the bitcoin trading volume instead of e-payments. Shocker ! What a masterpiece of misinformation.... Also, companies that "accept bitcoins" do in fact accept bitcoin. They might not hold the bitcoins, and convert them to fiat, but they do accept them. |
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When you said "purchase everyday things," I didn't realize you meant meth and child porn. I stand corrected As far as less shady stuff? Those merchants accept dollars, not BTC. That's why the BTC price is calculated for you at the moment of purchase from the real price. I did mean everyday things. You said illegal items. I asked for proof. Non provided. Whatever, I'm off to do other things. Have a good day! When was the last time you bought milk, butter or gas with bitcoin? And I don't mean through a payment processor. I know those coins get converted to fiat, but how is using a payment processor not 'using bitcoin to purchase things' ? Pretty weak comeback NLC, I expect higher quality trolling from you. |
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Just noticed on the main page of google trends: fourth most asked " what is" question of 2014 : "What is bitcoin?"
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Seems the next few days up until Feb 1 there will be an attempt to lower BTC value in order to move unsold LTC into BTC followed by a pump of BTC and dump.
BTC-e and BITFINEX Push LTC BTC to LTC Value up and keep BTC USD Value down by Selling on the following exchanges for CNY.
If you see the trend reverse do not expect to easily sell ltc for btc because many bots will be outbidding you so you.
You will know when that starts and there being a up down cycle on OKCoin Houbi keeping LTC / USD Values low as BTC / USD values goes up and you will notice that the BTC/LTC price difference between BTC-e -5% and Bitfinex +5%.
Sorry, but I don't fully get what you are saying. Seems to me you say: 'there are big traders, they have BTC and LTC, and they want to switch their LTC to BTC. ' But I don't really get the mechanism. Are the Chinese LTC/CNY traders so easily influenced by the LTC/BTC ratio on other exchanges? Isn't the BTC/USD market much bigger than LTC/USD and LTC/BTC market? Does it make sense volume/reward wise to try to manipulate the market like this? |
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YES PRICE DOES NOT MATTER
Ok, lets crash to sub 25 dollar. Let's not You don't want cheap coins? |
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Yeah, but you guys keep mentioning that if the worldwide stock markets tank, people will dump stocks and flock to bitcoin as a hedge (like they do gold). But if they treat bitcoin like a stock, then it will get dumped too.
Personally, I think this is the most likely scenario as well. ATM bitcoin is like a very risky commodity. Things would have to get really really ugly (like breaking some major rules thereby breaking trust in traditional systems) for bitcoin to become a 'safe haven' in case of a financial crash. Five or ten years from now, that might be a different story. |
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The real problem is the inevitable centralization of mining. Year after year, the number of active mining pools go up. Year after year, concern trolls talk about the "inevitable centralization" of mining. And year after year the bitcoin faithful bury their head in the sand, "if we don't worry about it, it is not a problem". I have wondered if several decades from now, governments might not end up securing the blockchain by goverment-funded mining in order to protect the economy, property records etc. from evil 51% attacks by other nations or terrorist groups. I might be dreaming of unicorns and rainbows though.... |
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Looks like we might go for drop Nr. 2
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More on Adam Guerbuez's background: hereGood to know. Seems like a ruthless mindfucker. |
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Pretty vague imho. It could mean 'If you still have a nice stash, sell now, and you will be thankful that you still have some purchasing power left' too, no? |
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fun fact : i got my credit card hacked two times on the net last year and each time my bank refund me within 10 days to protect me.
More than bitcoin can ever do
yes getting hacked is more than bitcoin can ever do. yet they offered me a solution for e-transactions which can't be hacked anymore. They protected me from myself and i'm thankful for that. Also, my money is safe in my banks unlike crypto addicts who can't quit their screen all day long and fears for their bag value every hour of every day. Thanks to them i feel peaceful. If you want peace and quiet you shouldn't be in bitcoin yet. Wait a decade (or 2). |
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i just woke up  what the fuck is going on? this must be a nighmare it is! wake up, dude! lol  |
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There are more than 6 billons invested in hardware for mining and providing services for bitcoin... So how it has no value? Stop trolling.
I am a bull (long-term), but pumping money into something doesn't necessarily make it valuable (see any scam investment for reference) |
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There is one buy offer at BFX that doesn't seem to get eaten, but the orders below it do.
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The idea is that merchant adoption gives people with bitcoin more options to spend(=sell) their bitcoin, but it doesn't increase the amount of people buying bitcoin now, because "normal" folks don't need to buy bitcoin in order to buy something at the store (they could just use their credit card or whatever).
In the long run though, I think a high merchant adoption makes bitcoin more of a "real" currency and should increase its value.
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